FAQ: Are Maryland trustee sale properties available for viewing?
Prospective home buyers like to look at properties before submitting their offer. When considering trustee sales, viewing the properties in not an available option. The homes are still owned by the defaulting mortgage borrower and prospects do not have permission to visit the properties.
Many of the homes that are offered at trustee sales are still occupied. When home owners are facing foreclosure, they are under great stress and do not always use good judgment in their actions. So, we advise prospective buyers to drive by to take a look at the exterior but to stay off of the property itself.
When trustee sale properties are vacant, the neighbors are likely to call the police if they see unknown parties on the property or trying to gain access.
If you are unable to handle the unknown factors, it may be best to avoid trustee sales. This is a very risky sector for real estate purchasers.
Smart investors need to be able to estimate the cost of interior repairs for a property of the size that is being considered. Typically, these homes will need a fresh paint job, new carpet and new appliances and new floor covering for the kitchen. Often, the bathrooms will also need work. Families facing foreclosure do not take care of usual maintenance issues and the major systems such as the heating and air conditioning and the hot water heater may need service or replacement. Water damage and mold are not unusual conditions that must be faced.
When you deal with trustee sales, you definitely need to have working relationships with contractors and suppliers. You do not want to pay full retail prices for anything that will in turn reduce the potential investment return.
Hydrangea, Kentlands Photowalk, Gaithersburg, MD
Canon PowerShot G11 Camera
Photograph by Roy Kelley
Roy and Dolores Kelley Photographs
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